The 100 mile rule that Chris mentions is true also so you'd need to meet both in order to use rental income to qualify however, if you have "enough," income to qualify for both homes with out "rental income," then you can avoid these pesky guidelines.Below are reminders of several sections of FHA Handbook 4000.1 that apply to the “FHA 100 mile rule” Departure Residence Rental Income: Using rental income from a property being vacated by the borrower: If rental Income is being derived from the Property being vacated by the Borrower, the Borrower must be relocating to an area more than 100 miles from the Borrower’s current Principal Residence.Multiple FHA loans: A Borrower may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA– insured Mortgage if the Borrower is: Relocating or has relocated for an employment-related reason; andEstablishing or has established a new Principal Residence in an area more than 100 miles from the Borrower’s current Principal Residence.Military Personnel / Occupancy: The Lender must obtain a copy of the Borrower’s military orders evidencing the Borrower’s Active Duty status and that the duty station is more than 100 miles from the subject property.

title insurance/ certificate of title on property being purchased that provides a first lien position on above mentioned property in favor of *banks name* .... this was one of their conditions, this is my first property loan can someone explain what exactly this means, thank you.

You will also learn what not to waste time on such RMLO certifications.2.

We'll then use the land and my cash cntribution to obtain a 1.5M loan to complete the construction.

If able, we'd like to purchase rental properties out of state to obtain better deals.

So do I a) refinance to get rid of PMI and obtain a proven 20% LTV, then get HELOC or...b) Apply for a HELOC without refinancing which comes with an appraisal I'm assuming that would show 20% LTV.

The value has gone up and am interested in obtaining a loan against the equity. 

Am I able to obtain a commercial loan through a new LLC that has no previous credit history or track record without having to show personal proof of income?

So this alternative is solely for obtaining lending through an LLC correct?

Once you know where you are at set goals (weekly, monthly, year, etc) and work towards obtaining them.Best of luck